The US enactment of strong rules requiring disclosure (commonly called the FATCA rules) and its stepped up efforts of enforcement of US taxpayers' reporting of offshore assets, including voluntary disclosure initiatives and criminal prosecutions, have had an effect. Many Americans were intentionally or inadvertently hiding millions offshore. Switzerland was "an offshore money haven for wealthy foreigners" because of its banking secrecy. Some Americans are still hiding their money there (and elsewhere). But those who still have offshore accounts should recognize that the day of reckoning is drawing nearer and nearer.

The US enactment of strong rules requiring disclosure (commonly called the FATCA rules) and its stepped up efforts of enforcement of US taxpayers' reporting of offshore assets, including voluntary disclosure initiatives and criminal prosecutions, have had an effect. Many Americans were intentionally or inadvertently hiding millions offshore. Switzerland was "an offshore money haven for wealthy foreigners" because of its banking secrecy. Some Americans are still hiding their money there (and elsewhere). But those who still have offshore accounts should recognize that the day of reckoning is drawing nearer and nearer.